# Kandi Technologies

Kandi Technologies Group, Inc. (Chinese: 康迪) is a Chinese manufacturer of batteries and electric vehicles. The company is listed on the NASDAQ stock exchange under the ticker symbol KNDI. It was founded in 2002 in Jinhua, Zhejiang by Hu Xiaoming.

## History

In February 2013, Kandi Technologies and Shanghai Maple, a subsidiary of Geely, announced the formation of a joint venture, Zhejiang Kandi Electric Vehicles Investment Co., Ltd., with equal ownership and an initial registered capital of 1 billion yuan (US$160 million). The joint venture focused on research, development, production, marketing, and sales of electric vehicles in mainland China. The agreement was officially signed on March 22, 2013.
Li Shufu, Chairman of Geely Auto, served as the joint venture's first Chairman, while Xiaoming Hu, Chairman and CEO of Kandi, was appointed General Manager.
In 2016, Geely Auto sold its stake in the joint venture to Geely Holding Group, which Li Shufu controls.
Kandi has also partnered with Geely to sell electric vehicles under the Gleagle brand. The partnership resulted in the development of the EX3 model, with Geely providing design input and Kandi handling manufacturing.

### EV Car Share

In July 2012, Kandi Technologies signed a cooperation agreement with the city of Hangzhou to supply 20,000 electric vehicles for the city's pilot electric vehicle leasing program.
In 2014, Kandi announced Kandi EV Car Share, a carsharing program in the city of Hangzhou. The system operated only with Kandi EV all-electric cars, which are available to customers in automated garages that work similar to vending machines. Leases include insurance, maintenance, and electric power through swapping batteries at the program garages. Kandi planned to make 100,000 cars available to Hangzhou residents over two years.
The Kandi public EV Car Share concept is based on Hangzhou's bike share, the largest in the world and the first of its kind in China. The bike-share has since spread from Hangzhou to 19 Chinese cities including Shanghai and Beijing. To date, Kandi has delivered over 40,000 car-share EVs, making it the world's largest car-sharing program.
Kandi's original plan was to build with both government and “outside” support 750 of these garages through a 50-50 joint venture with Geely Auto, China's largest passenger automaker, which would require approximately 100,000 Kandi electric vehicles to stock. This model is slated to spread to other cities and regions like Shanghai, Shandong, and Hainan. Six garages were completed, but due to escalating real estate prices, vertical garages have halted in favor of horizontal street parking type kiosks.
In 2019, Kandi signed a non-binding agreement to act as the electric vehicle supplier for ride-sharing platform Cao Cao Zhuan Che. In 2020, Kandi, together with Zhejiang Ruibo New Energy Vehicle Service Company Ltd. and Jiangsu Jinpeng Group Ltd., founded the ridesharing company Zhejiang Ruiheng Technology Company (aka "Ruiheng").

### United States expansion

In 2019, the company announced plans to expand its market to the United States, as the U.S. National Highway Traffic Safety Administration approved its Model EX3 and Model K22 cars to be exported into the United States.
The company shipped 50–100 EVs to the United States in late May and early June of 2019.
In July 2020, Kandi announced that it would be starting sales in Summer 2020 in the Dallas-Fort Worth Area of Texas. Additionally, it released details on the first two cars to hit the market: the Kandi K27 and K23 models.
In July 2024, Kandi announced that it had partnered with Lowe's to manufacture a limited-edition set of 32 golf carts with designs featuring National Football League teams. The carts were announced to only be sold at Lowe's stores across the United States.
In December 2024, Kandi appointed Bin Yu as the CEO of SC Autosports, its wholly-owned U.S. subsidiary, as part of a broader initiative to strengthen its presence in the American market and expand in the all-electric vehicle sector.

### Financial performance and market growth

In 2023, Kandi reported a net revenue of $123.6 million, marking its highest revenue in three years, with a net profit of $1.7 million. This followed a net loss of $12.9 million in 2022, despite a 28.8% increase and $117.8 million in revenue.
The company expanded into electric utility terrain vehicles (UTVs) and mini golf carts, broadening its product line in North America.

### Other developments

In November 2020, Hindenburg Research, a short-selling group, released a report accusing Kandi of faking at least 55% of its sales.
On the 7th of December, Kandi's chairman released a response addressing Hindenburg's short seller report. Kandi replied to the report with a statement claiming, "Kandi believes that the report contains numerous errors, misstatements of historical facts, inaccurate conclusions, and superfluous opinions."
In December 2017, Kandi acquired the battery technology company Jinhua An Kao.
In 2018, Kandi transitioned into longer-range electric vehicles with the K23 and EX3 models. The company claims that its SUV crossover hybrids have more storage capacity than its other offerings.
Kandi acquired Sportsman Country LLC for $10 million in June 2018. Sportsman Country will facilitate the dealer relationships for Kandi's EX3 electric vehicles.
Jiangsu Development and Reform Commission approved Kandi with one of three EV manufacturing licenses. The applicant pool consisted of EV enterprises from nationwide. EVs qualify for subsidies offered by China's central and local governments, on an average of $10,000 per vehicle. EVs are waived from Chinese megacities' license plate fees that apply to ICE vehicles, on an average of $14,000 per license plate.
Kandi had low EV sales in the first quarter of 2019 due to the delay of government subsidies and restructuring of the JV. They planned to ramp up production for the remaining portion of 2019, and have a non-binding framework agreement with DIDI to deliver 300,000 EVs over the next five years.
In a significant move to enhance its strategic direction, Kandi Technologies Group, Inc. has appointed Bin Yu as the new Chief Executive Officer of SC Autos ports, its wholly-owned subsidiary in the United States. This appointment, announced on December 2, 2024, is part of Kandi's broader initiative to strengthen its presence in the U.S. market and drive growth in the all-electric vehicle sector.

## Products
### Coco (KD08E/A)

The Coco was a small vehicle first available in the United States in 2009. There was an electric (KD08E) and gas (KD08A) version of the vehicle available.

### EX3 (previously K26)

The EX3 debuted on November 1, 2017, as Kandi's first SUV. It has a top range of 380 km (240 mi) on a single charge, and a top speed of 110 km/h (68 mph). It was first exhibited at a launch event on March 26, 2018. Being the electric version of the Geely Vision X3, it is approved for China's tax exemption on new energy vehicles.
The EX3 SUV qualifies for the full $7,500 U.S. Federal Tax Credit, with its starting price being $29,995.

### K17A

The K17A debuted on August 5, 2016. It is Kandi's first EV.

### K23

Production of the K23 started at the Hainan facility on March 28, 2018. Its 41.4-kWh battery gives it a top range of 302 km (188 miles). It can be fully charged in 7.5 hours at a standard Level 2 240-volt, 32-amp charging station. Its top speed is theoretically 112 km/h (70 mph), but artificially restricted to just 25–35 mph (40–56 km/h) in the US market, depending upon the state in which it is sold.

### K27

The K27 is a minimal compact four-door BEV with four seats. Its 17.69-kWh Lithium battery gives it a top range of 161 km (100 miles). It can be fully charged in seven hours at a standard Level 2 240-volt, 16-amp charging station. Despite a theoretical top speed of 100 km/h (62 mph), it is artificially restricted to just 25–35 mph (40–56 km/h) depending upon the state in which it is sold. This makes it illegal for use on American highways and usable exclusively as city/residential transport.
The K27 is marketed by Kandi as being the least expensive EV available in the US, and after incentives available in some states, it can potentially cost less than $10,000. With a list price of $17,499 ($15,499 after federal tax credits), however, prior to state rebates, it is still significantly more expensive than the cheapest car sold in the US market, the Chevrolet Spark, which lists for $14,395.

### K32

The Kandi K32 is based on the same vehicle body as the Foday Lion F22 pickup truck and was marketed as an all-electric dual motor 4-wheel drive UTV, which is not legal for use on public roads. The K32 was introduced in November 2021. The base standard range trim model is available with a 20.7-kWh battery capable of 60 miles (97 km) of range, while the long-range variant comes with a 50-kWh pack for up to 150 miles (240 km) of range. Top speed is claimed to be 65 mph (105 km/h). Both models are equipped with a dual-motor, all-wheel-drive powertrain with an output of 21 kW (28 hp) according to Kandi.
The Kandi K32, introduced in November 2021, is based on the Foday Lion F22 pickup truck and is marketed as an all-electric dual-motor, 4WD UTV.
* Kandi K17A
* Kandi Coco
* Kandi Panda EV

## Sales

A total of 1,215 Kandi EVs were sold in China during the first quarter of 2014, and an additional 4,114 during the second quarter, representing a growth of 238%, and total sales of 5,329 units during the first half of 2014. Kandi EV city car had a price tag of 41,517 yuan ($6,317) in 2015. The China Association of Automobile Manufacturers (CAAM) reported the sale of 16,376 Kandi EVs in 2015.
2015 sales revenue relied heavily on government subsidies. The Chinese government chose to not issue subsidies to Kandi in 2015, and its third 2015 subsidy payment completed on April 21, 2017.
Kandi secured US$105.8 million (754438745.80 Chinese Yuan) financing through the National Economic and Technological Development Zone of Rugao City in May 2017.
2018 sales were projected to focus exclusively on the EX3 SUV with a range of 380 km (240 mi).
| Quarter | K12 sales | K17 sales | Total sales |
| Q3 2017 | 4,018 | 2,747 | 6,765 |
| Q4 2017 | 3,398 | 1,192 | 4,590 |
| Q1 2018 | | | 3,295 |
| Q2 2018 | | | 1,802 |
| Q3 2018 | | | 1,502 |
| Q4 2018 | | | 3,660 |
* ↑ Total excludes 82 units of unknown models.
* ↑ Total EV Parts, zero EVs.
* ↑ Total EV Parts, zero EVs.
* ↑ Total EV Parts, zero EVs.
* ↑ Total EV Parts, zero EVs.